Tuesday, March 24, 2009

Technical Picture - Markets Falter after Retest of Highs

Fractional new highs for the DOW and S&P, unconfirmed on the NASDAQ, before faltering and selling off in late afternoon. I see gap support as depicted on the XLF for both the S&P and NASDAQ futures. The NASDAQ appears stronger as it has yet to break the trend channel. I'm expecting more weakness by virtue that XLF and S&P failed to recapture their respective channels.